Bally’s Desires Chicago Casino, Claims to Invest $1.6 Billion

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Posted on: Oct 30, 2021, 02:05h. 

Very last current on: Oct 30, 2021, 02:05h.

Bally’s Corp. (NYSE:BALY) is eyeing Chicago as the web site of its flagship gaming property, submitting a proposal to city officers pledging a $1.6 billion investment for an built-in vacation resort in the third-greatest US metropolis.

chicago casino
Bally’s is competing for a Chicago casino. If it wins, the job would be one particular of the company’s most significant to date. (Picture: Chicago Tribune)

The Rhode Island-primarily based gaming enterprise declared the pitch late Friday and is mulling two possible web sites: The Chicago Tribune Publishing Centre and the McCormick Location Truck Marshaling Property.

Chicago is a dynamic, entire world-class city, which is why we are committing to make a $1.6 billion expenditure in developing Bally’s Chicago as our flagship, and the only house in its class in the Chicagoland market place,” reported Soo Kim, Bally’s chairman, in a statement.

Bally’s entry into the Chicago casino bidding fray comes amid a flurry of activity on what was found as a undertaking in jeopardy owing to onerous tax burdens. As On line described Friday, Challenging Rock Worldwide — the gaming arm of the Seminole Tribe — and Hurry Street Gaming also submitted bids.

Last year, 4 gaming operators participated in the city’s ask for for data method with MGM Resorts International and Wynn Resorts ultimately bowing out just before officials prolonged the deadline to submit proposals.

Chicago Would Be Coup for Bally’s

Bally’s presently operates 14 casinos in 10 states and has publicity to Illinois by means of Jumer’s Casino & Resort in Rock Island, which it bought in Oct 2020 for $120 million in income.

Previously this year, the regional gaming corporation built its extensive-awaited entry on the Las Vegas Strip, obtaining the Tropicana from Gaming and Leisure Properties (GLPI). Still, a Chicago casino would be a marquee addition to Bally’s portfolio when continuing its transformation from upstart to significant player on the US gaming scene.

When the operator of Rhode Island’s two casinos went general public in March 2019, its roster of properties consisted of the pair in its dwelling state, a Colorado puppy track, Dover Downs in Delaware, and Tricky Rock in Biloxi, Miss out on.

Due to the fact then, the firm earlier regarded as Twin River Globally Holdings entered key gaming marketplaces, such as Atlantic Town, NJ and Las Vegas, although forging further into the iGaming and on the web athletics wagering industries.

Ought to Bally’s get the Chicago casino license and remain inline with the aforementioned $1.6 billion price tag tag, that enterprise would be the company’s next-major to day pursuing only the $2.7 billion takeover of Gamesys, which wrapped up previously this calendar year.

Chicago On line casino Levels of competition Could Be Intense

Whilst the productive tax fee of 40 p.c the operator of the Chicago casino will encounter is substantial relative to other US gaming marketplaces, the industry is nonetheless eye-catching due to a dearth of higher-stop gaming venues in important domestic metropolitan areas.

California and Florida are dominated by tribal gaming enterprises though casino gaming appears to be a minimal precedence in Texas and it could consider years to approve and open a third gaming venue in the New York Town space.

For its section, Bally’s is stating the proper points, pledging that minority investors will command 25 p.c of the Chicago on line casino project although promising that 45 per cent of the staffers at the location will be gals, 45 p.c will be minorities and the remaining 10 p.c will be veterans and persons with disabilities.